IntroductionThere is currently little loyalty for providers of long-term financial services & this is set to worsen.
Any attempt to encourage loyalty through schemes used elsewhere such as in the credit card market will have little success.
The best way to encourage loyalty is by targeting the intermediaries, however in the current remuneration environment there is little progress that can be made.ScopeThis report looks at those strategies used elsewhere in the financial services market and assesses their usefulness to providers of long-term savings.
It identifies the shortcomings of these strategies and highlights those that could be used by providers in this, more complex, market.HighlightsImproving loyalty is vital, although the long-term area of the financial services industry lags behind that of the simpler areas of the market, such as credit cards and current accounts.
There is little scope for lessons learnt elsewhere in the financial services industry to translate through to investments and long-term savings.
Any progress that can be made in the long-term financial services industry needs to be made through a combination of changing remuneration structures and proactive strategic movements.Reasons to PurchaseIdentify those strategies that could be useful in improving customer loyalty throughout your organisation See the shortcomings of more traditional loyalty schemes and understand why they do not translate across the industry Understand the cost that lack of customer loyalty has within the long-term savings and investment markets